LOOMIS SAYLES INVESTMENT GRADE BOND FUND

     Supplement dated November 14, 2003 to the Loomis Funds prospectus dated
          September 15, 2003, as may be supplemented from time to time


Effective  December  17,  2003,  the Loomis  Sayles  Investment  Grade Bond (the
"Fund") may no longer invest in any equity  securities.  In connection with this
and other  changes,  the  following  changes  are made to the Fund's  prospectus
effective November 17, 2003:

WITHIN THE SECTION ENTITLED  "PRINCIPAL  INVESTMENT  STRATEGIES",  THE FOLLOWING
CHANGES ARE MADE:

The following text replaces the first paragraph:

Under normal market conditions,  the Fund will invest at least 80% of its assets
in  investment  grade  fixed  income  securities  (those  rated BBB or higher by
Standard & Poor's  Ratings  Group  ("S&P"),  Baa or higher by Moody's  Investors
Services Inc. ("Moody's") or, if unrated, of comparable quality as determined by
Loomis Sayles). In accordance with applicable Securities and Exchange Commission
requirements,  the Fund will  notify  shareholders  prior to any  change to such
policy taking effect.  Although the Fund invests  primarily in investment  grade
fixed  income  securities,  it may invest up to 10% of its assets in lower rated
fixed  income  securities  ("junk  bonds").  The Fund may invest in fixed income
securities of any maturity.  In deciding  which  securities to buy and sell, the
Fund will consider,  among other things,  the financial  strength of the issuer,
current interest rates, Loomis Sayles' expectations  regarding future changes in
interest rates,  and comparisons of the level of risk associated with particular
investments with Loomis Sayles' expectations  concerning the potential return of
those investments.

References to real estate investment trusts ("REITs") are deleted from the third
bullet.

References  to options and  futures  transactions  are  deleted  from the fourth
bullet.

WITHIN THE SECTION ENTITLED "PRINCIPAL  INVESTMENT RISKS", THE FOLLOWING CHANGES
ARE MADE:

The paragraph entitled "REITs" is removed.

Within  paragraph  entitled  "Derivative  Securities"  the third  sentence is is
replaced with the following text:

Even a small  investment in derivatives  (which include swap contracts and other
transactions) may give rise to leverage risk, and can have a significant  impact
on the Fund's  exposure to stock market  values,  interest rates or the currency
exchange rate.









                                                                      SP207-1103



                    LOOMIS SAYLES INVESTMENT GRADE BOND FUND

  Supplement dated November 14, 2003 to the Loomis Sayles Investment Grade Bond
             Fund Class J shares prospectus dated February 1, 2003,
                    as may be supplemented from time to time

Effective  December 17, 2003, the Loomis Sayles  Investment Grade Bond Fund (the
"Fund") will no longer invest in any equity securities.  In connection with this
and other  changes,  the  following  changes  are made to the Fund's  prospectus
November 17, 2003.

WITHIN THE SECTION ENTITLED  "PRINCIPAL  INVESTMENT  STRATEGIES",  THE FOLLOWING
CHANGES ARE MADE:

The following text replaces the first paragraph:

Under normal market conditions,  the Fund will invest at least 80% of its assets
in  investment  grade  fixed  income  securities  (those  rated BBB or higher by
Standard & Poor's  Ratings  Group  ("S&P"),  Baa or higher by Moody's  Investors
Services Inc. ("Moody's") or, if unrated, of comparable quality as determined by
Loomis Sayles). In accordance with applicable Securities and Exchange Commission
requirements,  the Fund will  notify  shareholders  prior to any  change to such
policy taking effect.  Although the Fund invests  primarily in investment  grade
fixed  income  securities,  it may invest up to 10% of its assets in lower rated
fixed  income  securities  ("junk  bonds").  The Fund may invest in fixed income
securities of any maturity.

The Fund will not  invest in equity  securities  of any kind or make any  equity
investment.

All  references  to real  estate  investment  trusts  ("REITs")  and options and
futures transactions are deleted.

WITHIN THE SECTION ENTITLED "MORE INFORMATION  ABOUT THE FUND'S  INVESTMENTS AND
RISK CONSIDERATIONS", THE FOLLOWING CHANGES ARE MADE:

The third paragraph is deleted.

The  subsections  entitled  "Common  Stock and Other Equity  Securities",  "Real
Estate Investment Trusts" and "Options and Futures Transactions" are deleted.



                         LOOMIS SAYLES MANAGED BOND FUND

   Supplement dated November 11, 2003, to the Prospectus of the Loomis Sayles
               Managed Bond Fund dated February 1, 2003, as may be
                         supplemented from time to time

     Effective  November 12, 2003, shares of the Loomis Sayles Managed Bond Fund
(the "Fund"),  a series of Loomis Sayles Funds II (the "Trust"),  will no longer
accept new investments in the Fund by new or existing shareholders.

     On  November  5, the  Board of  Trustees  of the Trust  approved  a plan to
liquidate the Fund, such liquidation to take place on or about December 15, 2003
(the "Liquidation  Date"). Any shares of the Fund outstanding on the Liquidation
Date will be  automatically  redeemed  on that date.  The  proceeds  of any such
redemption  of shares will be the net asset value of such shares after  charges,
dividend  distributions required to eliminate any Fund-level taxes, expenses and
liabilities  of the Fund have been paid or otherwise  provided  for. At any time
prior to the Liquidation Date,  shareholders may redeem their shares of the Fund
pursuant to the procedures set forth in the Fund's Prospectus.

     For federal income tax purposes, the automatic or elected redemption on the
Liquidation  Date will generally be treated like any other  redemption of shares
and may result in a gain or loss for federal income tax purposes.  Any gain will
result in short- or  long-term  capital  gains for  shareholders  who hold their
shares as a capital asset  depending on how long a  shareholder  has held his or
her Fund shares. If a shareholder  desires to recognize any taxable gain or loss
prior to the  Liquidation  Date, the  shareholder  may wish to redeem his or her
shares prior to the Liquidation  Date.  Before doing so, the shareholder  should
consider  any  applicable  sales  charge and should  consult with his or her tax
advisor for more information on his or her own situation.

     The liquidation process will involve effecting portfolio transactions in an
orderly  manner with the intent that  shareholders  remaining in the Fund on the
Liquidation Date will not  unnecessarily  bear the majority of the trading costs
associated  with  the  liquidation.  This may  result  in the  Fund's  portfolio
consisting  primarily of cash or cash equivalents for several weeks prior to the
Liquidation Date.